The chief executive of Australia's largest bank has made a bold intervention in the nation's housing debate, calling for significant reductions in migration to ease pressure on property prices and infrastructure.
Banking Chief's Parliamentary Plea
Commonwealth Bank CEO Matt Comyn told a federal parliament committee hearing that Australia should cut its annual migration intake by more than 80,000 people to help address the housing shortage. Speaking on Tuesday, the banking leader suggested the country should aim for a predictable migration level of around 180,000 people per year.
"Having a predictable level of migration would help housing supply and infrastructure keep up with demand," Mr Comyn stated during his testimony. "Perhaps that number is something in the order of 180,000 per annum. It gives both the Commonwealth and states the ability to plan for critical infrastructure, including housing."
The Numbers Behind the Crisis
The call comes amid staggering population growth figures. In the year to March, net overseas migration added 315,900 people to Australia's population. While this represents a decrease from the 2023 record of 518,000 migrants, Comyn believes further reductions are necessary.
The banking executive acknowledged that setting migration targets might be "politically unwise" but insisted it was "ultimately a good thing" for long-term planning. His comments align with the Albanese government's own forecasts, which predict migration falling to 260,000 this financial year and dropping further to 225,000 by 2026-27.
Political Reactions and Policy Challenges
The migration debate has already entered the political arena, with Opposition Leader Sussan Ley promising to slash migration levels by more than 100,000 annually if elected. However, the current Labor government maintains it does not have a specific migration target.
Comyn emphasised that increasing housing supply remains crucial, but noted significant barriers exist. "You need a lot of coordination between the federal and the state level," he explained. "I think the availability of labour, of skilled labour in and around multiple sectors, including this one, is challenged."
Public Frustration Boils Over
The housing affordability crisis has generated widespread public anger, recently exemplified by online backlash against an Afghan family who purchased a $1.5 million Sydney home. The four-bedroom property in Guildford sparked hostile comments on social media, with many Australians expressing frustration about being priced out of the market.
Auctioneer Tom Panos, who facilitated the sale, defended the family against what he described as deep-rooted anger rather than pure racism. "A family from Afghanistan, one of the poorest nations on Earth, where 85 per cent live on less than a dollar a day just bought a $1.5million home in Guildford," one social media user wrote, capturing the sentiment of many struggling prospective buyers.
Comyn also addressed concerns about government housing schemes, suggesting the first homeowner deposit initiative represented only a "very, very small element" of current price growth. As migration continues to shape Australia's housing landscape, the banking chief's intervention adds significant weight to calls for population policy reform.
